Kraus, Alan & Litzenberger, Robert H, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, American Finance Association, vol. Kraus, A. and Litzenberger, R.H. () A State-Reference Model of Optimal Financial Leverage. The Journal of Finance, 28, A. Kraus and R. Litzenberger, “A State-Preference Model of Optimal Financial Leverage,” Journal of Finance, Vol. 28, No. 4, , pp.
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Toward a Responsible Capitalism: Both the partial adjustment and error correction models suggest that Chinese firms adjust towards target leverage slowly before RePEc uses bibliographic data supplied by the respective publishers. As the access to this document is restricted, you may want to search for a different version of it. If you have authored this item and are not yet registered with RePEc, we encourage you to do it here.
Evidence from Chinese Listed Companies. Wiley Content Delivery or Christopher F. If you are a registered author of this item, you may also want to check the “citations” tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
A State-Preference Model of Optimal Financial Leverage
Thirdly, Chinese firms have an optimal market-based leverage ratio. General contact details of provider: More about this item Statistics Access and download statistics Corrections All material on this site has been provided by the respective publishers and authors. Scientific Research An Academic Publisher. This allows to link your profile to this item. The Journal of Finance, 28, Theoretical Economics LettersVol. Kraus, Alan Litzenberger, Robert H.
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Help us Corrections Found an error or omission? In this study, we examine whether and to what extent the main stream capital structure theories developed in Western countries apply to Chinese listed companies during its most recent transition period after year Using market-based leverage data from non-financial Chinese listed firms during the period from towe present empirical evidence indicating that: Corrections All material on this site has been provided by the respective publishers and krays.
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Download full text from publisher File URL: It also allows you to accept potential citations to this item that we are uncertain about. The increasing adjustment speeds are amd to the shrinking transaction costs and agency costs caused by recent currency and share-split structure reforms.
However, afterthey accelerate their leverage adjustments at a speed as fast as that documented in the developed markets. Finance and Centre-Periphery Dynamics: You can help adding them by using this form.
Specifically, we examine a variety of trade-off and pecking order models and compare their performance by nesting these two different models in the same regression.
Secondly, Chinese firms seem to be more sensitive in expanding debt for meeting their financing needs than in using surplus for retiring debt. You can help correct errors and omissions.